Citizens Jmp Downgrades Spruce Biosciences (NASDAQ:SPRB) to Hold

Spruce Biosciences (NASDAQ:SPRB) was downgraded by stock analysts at Citizens Jmp from a “strong-buy” rating to a “hold” rating in a report released on Wednesday,Zacks.com reports.

A number of other brokerages also recently commented on SPRB. JMP Securities reaffirmed a “market perform” rating and set a $3.00 price objective on shares of Spruce Biosciences in a research report on Wednesday. HC Wainwright reissued a “neutral” rating on shares of Spruce Biosciences in a research note on Monday, August 19th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $1.50 price target (down from $2.00) on shares of Spruce Biosciences in a research note on Wednesday. Finally, Oppenheimer reissued a “market perform” rating on shares of Spruce Biosciences in a research report on Wednesday. Nine equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $3.90.

Spruce Biosciences Stock Performance

Shares of Spruce Biosciences stock opened at $0.39 on Wednesday. Spruce Biosciences has a 12 month low of $0.38 and a 12 month high of $5.95. The company has a quick ratio of 5.36, a current ratio of 5.36 and a debt-to-equity ratio of 0.01. The stock has a market cap of $15.99 million, a PE ratio of -0.41 and a beta of 2.34. The business has a fifty day simple moving average of $0.51 and a 200-day simple moving average of $0.52.

Spruce Biosciences (NASDAQ:SPRB) last announced its quarterly earnings data on Monday, November 11th. The company reported ($0.21) EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.06. Spruce Biosciences had a negative return on equity of 62.10% and a negative net margin of 555.23%. The firm had revenue of $0.60 million during the quarter, compared to analyst estimates of $1.80 million. On average, sell-side analysts anticipate that Spruce Biosciences will post -1.03 EPS for the current fiscal year.

Institutional Investors Weigh In On Spruce Biosciences

A number of large investors have recently bought and sold shares of the business. Renaissance Technologies LLC raised its position in shares of Spruce Biosciences by 35.1% in the second quarter. Renaissance Technologies LLC now owns 366,100 shares of the company’s stock valued at $190,000 after purchasing an additional 95,100 shares during the period. Almitas Capital LLC bought a new stake in shares of Spruce Biosciences during the 2nd quarter worth $205,000. Finally, Acadian Asset Management LLC grew its stake in Spruce Biosciences by 270.9% in the 2nd quarter. Acadian Asset Management LLC now owns 1,367,997 shares of the company’s stock valued at $707,000 after buying an additional 999,166 shares during the last quarter. 91.71% of the stock is currently owned by institutional investors.

About Spruce Biosciences

Spruce Biosciences, Inc, a biopharmaceutical company, focuses on developing and commercializing novel therapies for rare endocrine disorders. The company engages in developing tildacerfont, a non-steroidal therapy to enhance disease control and reduce steroid burden for patients suffering from congenital adrenal hyperplasia (CAH), which is in Phase 2b clinical trial; and to evaluate glucocorticoid reduction in adult patients with classic CAH that is Phase 2b clinical trial.